Since passage of the 2017 tax reform law, the Big “I” has been aggressively advocating before Congress and the Administration that insurance agencies and brokerages should not be considered a specified service trade or business. It’s been the association’s top federal issue due to the importance to many of our members.
The Big “I” met with the Trump Administration and congressional offices on numerous occasions, submitted multiple written comment letters to the administration before and after the release of the initial draft regulations in early August and submitted congressional testimony.
Most recently, Big “I” staff worked in late December and early January to have a draft Treasury worksheet on the deduction revised to make it clear that insurance agents and brokers could benefit fully from the new deduction. The Big “I” also worked closely as part of a coalition with the Council of Insurance Agents & Brokers and the National Association of Realtors to achieve the best possible results for our collective memberships.
Here is a summary of Big “I” advocacy efforts—step by step—that helped secure this deduction for its members over the past year.
Wyatt Stewart is Big “I” senior director of federal government affairs.